In order to achieve its objects, the Sacco shall act in accordance with the following Co-operative and Shariah Principles.
Islamic Finance (Shariah Principles) Principles
Crescent Takaful Sacco is a Shariah Compliant Sacco that upholds all Shariah tenets expected of an Islamic Financial Institution (IFI) as well as Takaful values, notably:
- Prohibition of Interest: No participation in interest denominated transactions (‘Riba’) whether taking, receiving, or offering.
Prohibition of Uncertainty: No participation in Uncertain (‘Maysir’) financial contracts.
- Prohibition of Speculation: No participation in Speculative (‘Gharar’) Activities.
- Prohibition of Unlawful Activities: No participation in prohibited or unlawful (‘haram’) activities.
- Upholding ethical Takaful values: Of solidarity, mutuality, co-operation, equity, justice, transparency, accountability, integrity, fairness, impartiality, sincerity, good corporate ethics, clarity, honesty, and responsibility.
Even though Crescent Takaful Sacco is a Shariah Compliant Co-operative/Sacco, the institution is bound and subscribes to the Co-operative Principles as outlined below.
Co-operative Principles
- Voluntary and open membership: The Sacco is guided by the principle of voluntary and open membership without discrimination.
- Democratic member control: The Sacco will be fully controlled by members who will have equal voting rights.
- Economic participation by members: Members shall contribute equitably to the capital of the Sacco and share in the results of its operations.
- Autonomy and independence: The Sacco shall operate on mutually acceptable terms with its stakeholders who will ensure its autonomy and independence.
- Education, training and information: The Sacco shall foster reciprocal, on-going education & welfare programmes for members, leaders, staff, and the community.
- Cooperation among cooperatives: The Sacco shall actively cooperate with other cooperatives locally, nationally, regionally, and internationally.
- Concern for the community in general: The Sacco shall show concern to the community in which it exists and operates.